Comments on Funding:
Funding is up to 50% of the eligible and supported project costs to a maximum of $500,000 per project. On an exceptional basis, FedNor may consider funding investments above that amount.
Total government funding (including federal, provincial and municipal) for a project cannot exceed 75% of supported eligible non-capital costs and 50% of supported eligible capital costs.
Applicants must have secured funding of at least 50% towards the balance of the project’s eligible costs. A combination of committed funding from accredited investors (angels, venture capitalists), growth capital, strategic partners, commercial financing, other government departments, and working capital is acceptable.
The applicant must:
To be considered eligible for funding, applicants must demonstrate:
- A sustainable business model normally supported by two (2) years of operations.
- 2Financial capacity to complete the project and repay the contribution in full.
- Managerial, technical, and operational capacity to achieve the project’s stated objectives in a timely manner.
- Market/industry demand (e.g., how the project addresses a significant gap in the market; global opportunity to be seized within Canada; and evidence that Northern Ontario is uniquely positioned to capture market share).
- Potential for market growth, diversification of export markets and/or participation in global value chains.
- A viable project plan with achievable outcomes, supported by verifiable cost estimates.